SOLUTION: Colin buys a car for £22000. It depreciates at a rate of 1% per year. How much will it be worth in 5 years?

SOLUTION: Colin buys a car for £22000. It depreciates at a rate of 1% per year. How much will it be worth in 5 years?

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Question 1147048: Colin buys a car for £22000.
It depreciates at a rate of 1% per year.
How much will it be worth in 5 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This would be (1-0.01)^5*22000=20,921.78 pounds
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